Rangebound rupee slips at close

MARKETS REPORT

Forex market

Outlook: The spot rupee is expected to open in the range of 44.64-68 to a dollar.

Sentiment: Volatile

• The spot rupee remained rangebound. It opened at 44.58/60 and gained to 44.50 but slipped to close around 44.6650/67 to a dollar.
• The forward dollars went into deeper discount today following heavy selling of dollars by exporters. Six-month and one-year closed at around -1.15 per cent and -0.51 per cent respectively.

Money market

Sentiment: Bearish

• Aggressive bidding in auctions indicated uncertainty on the part of the market towards interest rates.
• Selling pressure saw prices in the long end of the maturity falling by 20-25 paise.
• The medium-tenure gilts did not witness much movement .
• The 10-year benchmark 7.37 per cent 2014 closed at 5.1150 per cent.
• Call rates remained below 4.5 per cent and repo subscription was around Rs 9000 crore.